By Yasin Ebrahim
Investing.com - Micron (NASDAQ:MU) reported Wednesday third quarter earnings that beat analysts' forecasts on strong demand for memory demand, with the chipmaker saying that supply would remain tight.
Micron shares lost 0.36% in after-hours trade following the report.
Micron announced earnings per share of $1.88 on revenue of $7.42 billion. Analysts polled by Investing.com anticipated EPS of $1.70 on revenue of $7.2 billion.
DRAM, which makes up 73% of revenue was up 52% in the quarter year over year, while NAND, which makes up 24% of revenue was up 24%.
The tight chip supply helped boost margins to 43% from 33% a year earlier.
For the fiscal fourth quarter, the company guided adjusted EPS of in a range of $2.30, give or take 10 cents, versus consensus of $2.15, and revenue of $8 billion to $8.2 billion.
Looking ahead, Micron said industry memory supply will continue to outstrip demand. "[T]here is currently unmet demand for DRAM due to end market strength, and we expect the DRAM market to remain tight into calendar-2022."
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